Cameroon - Second Highway Project

v11 CIRCULATING COPY TO BE RETURNED TO REPORTS DESK DOCUMENT OF INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION Not For Public Use F ; Report No. P-1253a-CM REPORT AND RECOMMENDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT AND LOAN TO THE UNITED REPUBLIC OF CAMEROON FOR A SECOND HIGHWAY PROJECT June 15, 1973 This report was prepared for official use only by the Bank Group. It may not be published, quoted or cited without Bank Group authorization. The Bank Group does not accept responsibility for the accuracy or completeness of the report.  CUR1RENCY EQUIVALENTS Currency Unit CFA Franc (CFAF) US$ 1 = CFAF 230 CFAF 1 = US$ .004 CFAF 1,000,000 = US$ 4,340 FISCAL YEAR July 1 to June 30  REPORT AND RECOMMENDATION OF THE PRESIDENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED CREDIT AND LOAN TO THE UNITED REPUBLIC OF CAMEROON FOR A SECOND HIGHWAY PROJECT 1. I submit the following report and recommendation on a proposed de- velopment credit for the equivalent of US$ 24 million and a proposed loan for the equivalent of US$ 24 million to the United Republic of Cameroon to help finance! a second highway project. The credit would be on standard IDA terms, and the loan would have a term of 25 years, including 5 years of grace, with interest at 7-1/4 percent per annum. PART I - THE ECONOMY 2. The findings of the latest economic mission to Cameroon are reported in the report Recent Economic Development of Cameroon (No. R 72 - 247) dis- tributed on November 27, 1972. Annex I gives the country data. An economic updating mission is currently visiting Cameroon. 3. Cameroon is endowed with varied, although not abundant, natural resources. The country has good agricultural potential based on a range of soils and climatic conditions which permit cultivation of a number of export and other crops. The economy, however, is still vulnerable to fluctuations in the output and price of its two main exports, cocoa and coffee. Fundamen- tal to exploiting Cameroon's development opportunities are investments to raise rural productivity and to overcome serious transport bottlenecks. 4. Cameroon's rural areas sustain 80 percent of the population, mainly in agriculture. There is no evidence of serious malnutrition. However, there are wide income disparities within rural areas and between the rural and urban populations - rural incomes are about 50 percent of average per capita GNP (US$ 180). The opportunities in agriculture lie in tropical com- modities for export, substitutes for imported agricultural products, and im- provements in output, marketing and processing of traditional foods and fibers to meet the needs of a growing urban population. 5. Cameroon's urban population is expected to rise from 22 percent of total population in 1970 to 38 percent by 1985. Rapid urbanization has in- creased the need for measures to cope with rising urban underemployment and inadequate public services. Industrialization is an essential part of a balanced rural-urban strategy. Industrial opportunities lie in processing agricultural and forestry products for export, and in producing import sub- stitutes (particularly intermediate products and consumer goods) needed for the growing domestic market. 6. Without an adequate transport system, however, Cameroon will not realize its full potential. Development of suitable port facilities and  - 2- establishment of an adequate land transport infrastructure are essential to provide cheap internal distribution of inputs, efficient transit services for neighboring countries, evacuation of the country's outputs and to broaden local and regional markets. 7. During the first decade of Cameroon's independence (1960/70), the Government made a successful start in tackling some of these development pro- blems. Considerable progress was made in the establishment of a basic trans- port and communications network. Output of agriculture, industry and commerce grew rapidly and is outpacing the capacity of this network. Real growth dur- ing the first decade of independence reached six percent a year, which was well ahead of population growth. Until recently, however, economic manage-- ment was complicated by a top-heavy government structure which had three separate administrations (the Federal and two State Governments) with frag- mented responsibility for public services and development. Creation of the United Republic of Cameroon in May 1972, with a unified government structure, opened prospects for better programming of available domestic and foreign finan- cial resources in relation to economic and social development priorities and for more efficient project preparation and implementation. 8. Cameroon's third five-year Plan (1971/76) was announced at a time when prospects for export earnings from traditional crops had deteriorated. Since then, coffee and cocoa prices have recovered and timber prices have shot up. However, only when transport facilities have been improved, can Cameroon look forwaid to largely increased timber exports. The volume of coffee and cocoa exports is also likely to grow slowly so that total export earnings will probably show only modest growth. In the modern sector, private investment oriented in the past towards substitution of imported consumer goods appears to have levelled off. Some decline in overall economic growth below the high growth rates of recent years (6.7 percent a year during FY 1967-71) is already in evidence and is likely to persist during the next few years. 9. With reduced growth rates, public savings have been levelling off. Budgetary surpluses increased rapidly during the late 1960's and reached CFAF 9.0 billion, the equivalent of 2.2 percent of GDP in 1970/71. In addi- tion, stabilization funds reserves rose sharply due to high export prices. However, in 1971/72, the current budget surplus remained at the same level as in the preceding year and was probably insufficient to cover debt service and the regular capital budget. Thus, 1971/72 probably has yielded a small bud- get deficit. At the same time, stahilization funds reserves were substan- tially depleted by the financing of large extra--budgetary investments. 10. In view of the prospect of fairly slow economic growth, revenues are likely to grow less rapidly during the next few years than during FY 1967-71 (11.9 percent a year). Even with due restraint,, current expenditures will continue to grow, partly because of expenditures on development-related activi- ties such as road maintenance, education and rural development. Therefore Cameroon's budgetary situation will remain tight for some time.  -3- 11. While plan priorities are basically correct and most of the proposed investnents are desirable for Cameroon's development, the pace of plan execu- tion will have to be reviewed in the light of available resources and the sharp increase in the cost of public investment which is occurrirg in the wake of recent ,monetary developments. In the past, Cameroon has followed sound fiscal and monetary policies and, when simila:- financial problems occurred in the mrid- sixties, the Government curtailed expenditures and exercised the necessary discipline to live within its means. 12. Cameroon's ability to make effective use of external resources and the Government's dedication to development are reasons for increased external support. Although debt service is still low (4.3 percent of export earnings) and although the country can carry some additional debt on conventional terms years of slimmer public savings appear to be ahead, and despite its efforts to mobilize additional domestic resources, Cameroon can make only a modest contri- bution to the financing of future public investment. To avoid rapid build-up of debt servicing obligations, lenders, including the Bank Group, should there- fore provide a large part of their assistance on concessionary terms. Because of its low income, modest export prospects, and limited savings capacity, Cameroon should continue to be regarded eligible for IDA assistance. Given the limnited scope for raising the level of public savings in the next few years, lenders, including the Bank Group, should also be prepared to finance a high proportion of project costs, including when necessary a part of local cost. 13. Over the second half of the last decade disbursements of foreign aid amounted to about CFAF 11 billion a year. While at the beginning of this period 65,V of this were grants, the proportion of loans has been slowly in- creasing as grants declined. A major part of external assistance was provided by France and concentrated in infrastructure and productive sectors. The aid giving agencies of the EEC (European Development Fund and European Investment Bank) directed their lending mainly to agriculture, with infrastructure in second place. Bank Group disbursements were small during this period. During the Third Plan reriod (1971/72 - 1975/76) foreign aid disbursements are expected to amount to CFAF 65 billion, or an annual average of CFAF 13 billion, of which some 40' is expected to be in the form of grants. The Euarean Development Fund wil1 probably increase its aid progran during the plan period moderately over the level of the past five years. If present trends continue, the Bank Group is likely to becone the main lender during the course of the Third Plan period. The most recent external public debt figures available are for the end of 1971. At that date, Cameroon's external public debt (including undis- bursed) armonted to about USg230 million of which the Bank Group accounted for approximately 30>.. The last economic mission estimated that the Bank Group's share of external public debt could rise to '0X by the end of the Third Plan. -owever, service on Bank Group debt by 1976 would amount to only 26' of Carneroon's total. public debt service, which is not expected to exceed 6.5i of export earnings.  - 4 - PART II - BANK GROUP OPERATIONS IN CAMEROON 14. Annex II contains a summary statement of Bank loans and IDA credits as of April 30, 1973, and notes on the execution of ongoing projects. The Bank Group's commitments in Cameroon now slightly exceed US$ 80 million and cover nine projects: three in agriculture, three in transportation, two irn education and one in public utilities. Agriculture, transportation and the other sectors taken together have absorbed about one-third each of the total amount of our past commitments. Projects have generally been satisfactorily implemented, although considerable delays have occurred in some cases. Re- cently, the Executive Directors have approved supplemental financing for a cost overrun on the SOCAPALM oil palm plantation project. 15. The Bank Group's strategy for the future is to support the Government in its efforts to equip the country with infrastructure, to accelerate rural development and to increase the efficiency of Cameroon's institutions. 16. Recognizing the crucial importance of transportation to economic growth in Cameroon and in neighboring countries, the Government has devoted the largest portion of public investments to this sector. The Bank Group will continue to help Government develop transport facilities. Given rapid traffic increases and the backlog of required investments, massive injections of capital will be nec 3sary over the next years to modernize the network. While two preparatory Bank loans for port and railway development were modest in size, financing requirements for the expansion of the port of Douala (scheduled for Board presentation in FY 75) and a possible realignment of the Douala-Yaounde railway line (scheduled for Board presentation in FY 76) will be sizeable. A small interim railroad project is being considered for Board presentation in FY 74. In the road sector, the proposed project completes Bank Group lending for the establishment of the basic trunk road system; hereafter the emphasis will shift from constructing trunk roads to improving road maintenance and agricultural and forestry feeder roads. 17. Investments in agriculture have so far beer hampered by the weakness of government agencies responsible for project preparation and implementation. The Government has recently stepped up its efforts to foster rural develop- ment and we have under consideration for FY 74 a cocoa rehabilitation and planting project in the southern region as well as a livestock project in the northern central region which will benefit an as yet untouched segment of Cameroon's population. The proposed road project would also provide assis- tance to the Government in formulating policies for a more rational exploita- tion of Cameroon's forests, a major area for future development. 18. Following last year's action to give the country a unitary adminis- trative structure there are good prospects for improving the effectiveness of government services and agencies with the creation, within the main technical ministries, of units responsible for programming and project preparation and  supervision. The recently approved supplemental loan for SOCAPALM lays the basis for a reorganization of project preparation and management in the plantation sector. The proposed road project would assist and train the personnel of the Ministry of Transport. PART III - THE TRANSPORT SECTOR Infrastructure 19. Despite the requirements imposed by the country's geography at inde- pendence, Cameroon's transport infrastructure was appreciably less developed than in most other West African countries. The country's location on the Gulf of Guinea, at the junction of West and Equatorial Africa, makes it an important gateway for its landlocked neighbors, Chad, and to a lesser extent, the Central African Republic (C.A.R.). The distances between Cameroon's prin- cipal agricultural areas and the sea are great. Given these distances and the country's dependence on exports and imports, low-cost transportation is a prerequisite to economic growth. During the last ten years major investments have been made in transportation, all designed to reduce transport costs, open up new areas for development (especially in the remote North), improve transit services for its landlocked neighbors, and unify the once divided country. 20. At present the system comprises one major port, 840 km of railways, 23,000 km of roads (of which 1,500 km paved), one navigable waterway, and five airports (two of which international). The trunk land transport system radi- ates from Douala, the main port, industrial and commercial center, and is being developed along two main axes. The 300-km Douala-Bafoussam-Foumban route serves the Western Region which is densely populated and produces cocoa, coffee and bananas. The 1,700-km Transcameroon route, which combines rail and road links, heads east from Douala to the cocoa producing region around Yaounde, the capital, then north to the cotton, meat and rice producing north- ern Cameroon and the Chad border. This route also carries timber traffic and part of Chad's imports and exports. 21. Thus, the network provides access to the vital areas of economic activity. However, many sections which were built decades ago can no longer cope with increasing traffic. The first highway project of 1970 includes the improvement of about 300 kms of roads, between N'Gaoundere and Garoua and be- tween Tiko and Viktoria. Because of administrative delays at the outset work fell 1-1/2 years behind schedule but is now proceeding satisfactorily. The proposed project, together with other investments from bilateral and multi- lateral sources (including the Bank Group's First Highway Project), would bring the trunk road system to the capacity and quality standards required. With this project, the Government will have completed the major transport routes between the underdeveloped North and the more industrialized South, as well as between the former federated states of East and West Cameroon.  Organization, Planning and Coordination 22. Transport planning was in the past dictated by the broad geographical distribution of population and economic activities. For the transport needs of the 1980's, Government will have to tackle new problems such as the organ- ization, financing and equipment needs of road maintenance; distribution of freight traffic between road and rail and regional transport coordination. 23. Government has only just begun to organize itself for the tasks ahead. Thus, the Ministry of Transport, which has the responsibility for transport policy, planning and coordination, was set up in 1970 and still lacks qualified staff. Construction and maintenance of the road network is entrusted to the Department of Roads of the Ministry of Equipment. Its Cameroonian engineering staff is young and will benefit from further on-the- job training. All road maintenance equipment is centralized in a semi-auto- nomous Central Equipment Pool set up in 1968 within the Ministry of Equipment, from which Department of Roads and local authorities have to borrow equipment. This arrangement does not appear to have always worked well. The proposed loan/credit includes funds for the study of these questions and for experts to strengthen the planning capability of the relevant Ministries and to train their Cameroonian staff. PART IV - THE PROJECT Purpose 24. The project is designed to upgrade and complete Cameroon's network of major trunk roads. The project would also improve the organization and policies of the Ministry of Transport and would prepare the next important phase of highway investment for road maintenance and feeder roads development. The appraisal report entitled "Second Highway Project" (No. 180-CM dated June 11, 1973) is being distributed separately. A Loan/Credit and Project Summary is in Annex III of this report. Background 25. The Government first requested Bank Group financing for the roads Garoua-Mora and Douala-Pont du N'kam. Studies were financed under the First Highway project and carried out by the French and Canadian group Ingeroute- Lamarre Valois. Studies for a third road Pont du Noun-Foumban, were done by Gauff, a German firm, and financed by the Government. The project was ap- praised in January/February 1973 and negotiations for a loan and credit were held in Washington in May 1973 with a Cameroonian delegation headed by Mr. Tchoungui, Cameroon's Ambassador to the United States.  -7- Description 26. The project covers the period 1973/74 - 1976/77 and consists of: (a) reconstruction of three road sections, totalling about 485 km (i) Garoua-Mora: 260 km; (ii) Douala-Pont du N'kam (Kekem): 175 km; and (iii) Pont du Noun (Bafoussam) - Foumban: 50 km. (b) consulting services for: (i) supervision of the above works; (ii) technical assistance to formulate forestry policies; (iii) a feasibility study of forestry feeder roads; (iv) a study to improve highway maintenance and to define a betterment program for secondary and feeder roads; (v) technical assistance for improving transport planning and coordination, and studies of special problems in that area. Road Reconstruction 27. The three road sections would be reconstructed to two-lane paved standards consistent with traffic requirements. The Garoua-Mora road is the only unimproved road stretch of the rail/road Trans-cameroon route linking the populated northern region and Chad with Yaounde and Douala. The Douala-Pont du N'kam and Pont du Noun-Foumban roads link Douala, the main port, with one of the most productive and densely populated agricultural regions. The first road coverirng 175 km between Douala and Kekem carries the heaviest traffic in Cameroon. It was paved 20 years ago and has considerably deteriorated. The Pont du Noun-Foumban road has a laterite surface which has deteriorated to the point where it will soon no longer allow all-weather traffic. Studies and Technical Assistance 28. Road maintenance is deteriorating due to lack of funds, trained per- sonnel and equipment, and to inadequate organization and vehicle weight con- trol. The studies to be made under the project would lead to proposals to improve coordination between agencies responsible for maintenance and their working methods and to the development of a program of road betterment and maintenance. The technical assistance included in the project would help improve transport planning as required by the next, more complicated phase of highway investment, taking into account regional traffic and transport coordination, in order to ensure the best allocation of resources between transportation modes. Studies of the need for organizing the transport industry to foster Cameroonian participation and maintaining sound competi- tion will be carried out by an expert financed by UNDP.  - 8 - 29. Feasibility studies will cover feeder roads in the southern or in the southeastern forestry zones. The need for such feeder roads was identified by a 1972 mission from our field office in Abidjan. Technical assistance for forestry policy formulation would help the Government devise a comprehensive policy for the very promising forestry sector including necessary legislation to ensure a rational exploitation of the timber resources, adequate reforesta- tion and improved taxation. 30. The Government has agreed to hire consultants and experts accept- able to the Bank to assist the Ministries of Planning, Transport, Equipment and Agriculture; to seek concurrence of the Bank regarding implementation of the recommendations of the consultants; and to consult the Bank before passing new laws or modifying existing laws regulating the road transport industry. It has further undertaken to coordinate its road and rail invest- ment in the two major transport corridors (Transcameroon and Douala - N'kongsamba routes) in order to ensure the most economical allocation of traffic between the two modes of transportation. Execution 31. The Ministry of Planning would be responsible for overall execution of the project and would be assisted by other government departments or agencies, in particular: the Ministry of Equipment (and within it the Roads Department) for roai construction as well as maintenance and forestry roads studies; the Ministry of Transport for transport planning and coordination; and the Ministry of Agriculture for forestry policies. Project Cost and Financing 32. Total project cost, including taxes of about US$ 7 million equivalent, is estimated at about US$ 71 million, as follows: (in rounded figures) (in US$ '000) Local Foreign Total Road Construction: Garoua - Mora 7,000 14,700 21,700 Douala - Pont du N'kam 7,500 15,800 23,300 Pont du Noun - Foumban 1,600 3,400 5s000 Subtotal 16,100 33,900 50,000 Construction Supervision, Studies and Technical Assistance 1,500 3,700 59200 Contingencies 4,900 10,400 15,300 Total 22,500 48,000 70,500  -9- 33. The Bank would make a loan of US$ 24 million, repayable in 25 years (including a five-year grace period), and the Association a credit of US$ 24 million to cover the foreign exchange component, which amounts to 75 percent of the total project cost (excluding taxes). The loan and credit would be made to the Government, which would finance the local costs. Cost estimates include a contingency allowance of 10%-15% for increases in physical quantities which was found appropriate due to unforeseeable costs in relocating utility lines, diverting traffic, and rock excavation in mountainous terrain. A further 15% contingency allowance has been added for price escalation. Procurement and Disbursement 34. All procurement would be by international competitive bidding after prequalification of bidders. The loan and credit would be disbursed during 1973/74 - 1977/78, and would cover: (i) 68 percent of the total construction work expenditures, and (ii) the foreign exchange cost of consulting services for super- vision of construction, technical assistance, and studies. Since there are at present no qualified Cameroonian road contractors, it is expected that all contracts would be awarded to foreign firms. We hope to be able to make recommendations on ways of promoting local contractors as part of our forthcoming small and medium scale industries study. The consul- tants who will prepare a road maintenance and betterment program have also been asked to give attention to this matter. Economic Justification 35. The combined economic return on construction of the three roads would be about 20 percent based on estimates of vehicle operating cost savings alone. Time savings and a reduction in accident levels, not included in the calcula- tion of benefits, would also be substantial. The project fits well within the Government's strategy of improving the inadequate land transport network, to open up new areas, to service landlocked Chad and to accelerate exploitation of the country's resources. The road sections to be constructed under the project serve densely populated and economically important areas of Cameroon where the investment would stimulate agricultural development. The technical assistance included in the project would improve the administration's perfor- mance in highway maintenance, transport planning and coordination, and lay the ground for future high priority investments.  - 10 - PART V - LEGAL INSTRUMENTS AND AUTHORITY 36. The draft Loan Agreement and draft Development Credit Agreement between the United Republic of Cameroon and the Bank and the Association, respectively; the Report of the Committee provided for in Article III, Sec- tion 4 (iii) of the Articles of Agreement of the Bank and the Recommendation of the Committee provided for in Article V, Section 1 (d) of the Articles of Agreement of the Association, and the text of draft resolutions approving the proposed loan and credit are being distributed to the Executive Directors separately. The draft loan and credit documents conform to the pattern of loan and credit documents for similar highway projects. 37. I am satisfied that the proposed loan and development credit would comply with the Articles of Agreement of the Bank and the Association. PART VI - RECOMMENDATION 38. I recommend that the Executive Directors approve the proposed Loan and Credit. Robert S. McNamara President June 15, 1973 Attachments  Annex I Page 1 of 2 pages COUNTRY DATA - CAMZROON AREA 2 POPULATION DENSITY 475,450 km 5. ilo (i-9i 2.5 par km2 Rate of Growth: 2.1 % (from1963to l97) 87.8 per km2 of arable land POPULATION CHARACTERISTICS (1-9l HEALTH t 97l) Crude Birth Rate (per 1,000) 40.0 Population per physician 22,000 Crude Death Rate (per 1,000) 19.0 Population per hospital bed 393 Infant Mortality (per 1,000 live births) INCOME DISTRIBUTION (year) DISTRIBUTION OF LAND OWNERSHIP (year) % of national income, lowest quintile %.. % owned by top 10% of owners highest quintile %.. Z owned by smallest 10% of owners ACCESS TO PIPED WATER (year) ACCESS TO ELECTRICITY (year) % of population - urban %.. % of population - urban - rural .,- rural NUTRITION (year) EDUCATION (1970) Calorie intake as % of requirements .. Adult literacy rate %. Per capita protein intake Primary school enrollment % 7D 1/ GNP PER CAPITA in 1970 6: us 180.00 GROSS DO?iSTIC PRODUCT IN iY &/ Wg ANNUAL RATE OF GROWTH (%, constant prices) US $ Mln. Z FD60-65 F75-70 FYIQ_0 oMP at Market Prices 897.1 100.0 *6.4 2,6 Gross Domestic Investment 130.9 14.6 .. *70 3.7 Gross DoSnItic Saving 82-7 9.2 .. * Current Account Balance *. Exports of Goods, NFS 163.7 18.2 * 4.0 -3.6 Imports of Goods, NFS 21.1.9 23.6 .. 7.2 8.6 OUTPUT, LABOR FORCE AND PRODUCTIVITY IN Fy 1971 YEW Value Added Labor Forcer V. A. Per Worker US$_Mn. % Mln. % US $ % Agriculture .357.2 39.8 .. .. *0 Industry 169.4 18.9 Services 370.5 41-3 * * Unallocated . . Totai/Average 897.1 100l ... GovERNMeNT FINANCE General Government Central Government i ( Mln.) % of GDP (CFAF Bil. ) % of GDP 197 197 196 -7 Ff M9- Current Receipts * * 52.1 17.0 16.4 Current Expenditure 43.0 14.1 14.1L Current Surplus . * 9.1 2.9 2.3 Capital Expenditures * *1. ' 3.8 1.5 External Assistance (net) 1/ The Per Capita GNP estimate is at 1970 market prices, calculated by the same conversion technique as the 1972 World Atlas. All other conversions to dollars in this table are at the average exchange rate prevailing during the period covered. 2/ Total labor force; unemployed are allocated to sector of their normal occupation. "Unallocated" consists mainly of unemployed workers seeking their first job. a] GDP figure only available. j GDP and the following items are in constant 1966/67 market prices (mission estimates). Fiscal Year: July 1 to June 30. y Including extra budgetary capital expenditures. not available i Consolidated budget Federal and State Governments. . not applicable  AnnexTr Page 2 of 2 pages COUNTRY DATA - CA1fOON October October MONEY, CREDIT and PRICES i 1965 1969 1970 1971 1971 1972 (CFAF billion outstanding end period) Money and Quasi Money 23.52 39.76 44.81 50.32 45.60 50.21 Bank Credit to Public Sector -7.56 -8.24 -14.86 -9.09 -10.52 -2.95 Bank Credit to Private Sector 27.33 41.97 46.15 50.00 46.56 55.01 (Percentages or Index Numbers) Money and Quasi Money as t of GDP 14.2 16.5 15.9 164* General Price Index (1963 = 100) 107.8 118.1 121.4 126.1 Annual percentage changes in: Ge-eral Price Index . 1.3 2.7 3.9 B k credit to Public Sector . * * . * Bt.ak credit to Private Sector(1965lo00) 100.0 153.6 168.9 182.9 170.4 201.3 BALANCE OF PAYMENTS MERCHANDISE EXPOTS (AVERAGE rr69-71) 1968 9 1970 US $ Mln X (Millions US $) Cocoa, beans and butter 68.8 31.0 Coffee 50.9 23,0 Exports of floods, NFS 233.2 253.9 282.4 Aluminiun 19.6 8.8 Imports of Goods, NFS 248.6 280.2 320'.9 Logs 14.9 6.7 Resource Gap (deficit = -) -21 .-26.3 -35 " Cotton 12.0 5.4 Interest Payments (net) -7.7 -0.4 -2.5 All other coinodities 55.7 25.1 W.r!-ers' Remittances -10.9 -12.4 -8.6 Total 221.9 1Q0 Other Factor Payments (net) - - - Net Transfers 22.3 16.3 20.1 EXTERNMAL DEBT, DECEMBER 31. 1971 Balance on Current Accotnt -11.7 -_22.3 -29 $5 us $ mln Direct Foreign Investment 61 2.3 15o8 Net MLT Borrowing 4.0 20.2 9.3 Public Debt, incl.. guaranteed 143.8 Disbursements .. .. . Non-Guaranteed Private Debt Amortization * .. . Total outstanding & Disbursed, Subtotal .. . .* 1/ Capital Grants .. ., .. DEBT SERVICE RATIO for 1971r Other Capital (net) 2.8 8.9 7.6 7 Other items n.e.i J1Z1A 11.6 _-.34 Increase in Reserves (+) 13.3 20.2 35.6 Public Debt, incl. guaranteed L.3 Non-Guaranteed Private Debt Gross Reserves (end year) 12.29 5o.05 84.55 Total outstanding & Disbursed Net Reserves (end year) 22.93 29.85 58.89 RATE OF EXCHANGE Through August 1 ;1, 1969 IBRD/IDA LENDING. (latest month) (Million US $): US$ 1,00 - CFAF 24L6.85 CFAF 1,000 _ uS$ 4.05 -Aril 30, 1973 IBRD IDA Auaust U1 1969 - December 20, 1971 - US$ 1.oo - CFAF 277.71 Outstanding & Disbursed 15.9 21.0 CFAF 1,000 a us$ 3.60 Undisbursed 22.7 21.7 December 20, 1971 - FebruarZ 12, 1973 Outstanding incl. Undisbureed 38.6 W1S8 1.00 - CFAF 255.79 CFAF 1,000 = US$ 3.91 Since February 122 1973 US$ 1.00 . CFAF 230.207 CFAF 1,000 - US$ 4.34 1/ Ratio of Debt Service to Exports of Goods and Non-Factor Services. 2 IFS. April 1973. J For 1969 a weighted average exchanige rate was usedt US$ 1.00 - CFAF 258 , not available . not applicable July 18, 1972 EPD/PRD  AiN.Pi i I T Page 1 of 4 pa.es TIT S'-TATUS OF BAI\M' GIO,P 0PIRBATI0I.T 0AM.RO0H 3',MTEzitT.TT OF 7,BAYK LOATNS A-N. MiD C-2D_nI.S (qs of April 30, 1973) T,oan or TJS$ millior ,2refst. Amount (less refwndTihg) uimber par Porrower Paurose B3ank IMA Undisbursed 100 10) 6o;7 SCaneroon CAIDEV 11. - qn, 1967 1 CAT4D,7-3V C A V 7.0 !, 6 $$) leh9 MSOCAPAI Y Oil Iawn 7.9 3.2 ')n).j 1960 ST71EC 1-TWtRr Supplv 5. n 0.2 1 Io l("q Cameroon Educaton 1a. t 5 7 10 ?1070 Cameroon Ronds 7.0 - ((f!3 1 Q07 rnmeroon Roads 12.0 11 tz?.